Average UK rents rise in 2013

Letting agents in the UK may be interested to learn that 2013 saw
average rents rise by two per cent, according to the latest rental
index from Countrywide.

The figures come at a time when the demand for rented accommodation
has increased by six per cent across the country, on average.

Areas outside the south-east of England have mainly seen demand
rise faster than supply and rental growth in Britain is starting to
show this trend.

Rents in central London decreased slightly, with a 0.2 per cent
fall recorded, whereas monthly rents in Greater London saw an
increase of 3.4 per cent over the course of 2013.

Some areas in the north of the country, including South Yorkshire
and the North East, saw significant growth in terms of demand for
rental property.

Nick Dunning, Countrywide group commercial director: “Last
year saw the focus of demand shift sharply northwards after several
years of more stable levels of supply and demand.

“Increased competition among tenants for properties has
intensified which has resulted in rental growth running at twice
the level of 2012. The largest increases in demand have been in
those towns and cities where the most new jobs have been created as
the recovery spreads outwards from London,” he
added.

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